BTC Miner Cathedra Shifts Focus to Bitcoin Acquisition Strategy

September 18, 2024 Bitcoin.com

Cathedra Bitcoin Inc. has announced a significant shift in its corporate strategy, moving away from bitcoin mining to focus on growing its bitcoin holdings. The company aims to increase its shareholders’ bitcoin per share through a strategy similar to that of Microstrategy, which has gained recognition for its bitcoin acquisition policy. Cathedra Bitcoin Ditches Mining […]

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Cathedra Bitcoin cools off mining to tap MicroStrategy playbook

September 17, 2024 Coin Telegraph

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Cathedra Bitcoin said Bitcoin mining simply hasn’t provided enough shareholder value on a Bitcoin basis over the last three years, which prompted a change in strategy.

Canadian Bitcoin miner Cathedra Bitcoin is taking the gas pedal off its seven-year mining operation in favor of a new strategy: Buying as much Bitcoin as possible in the open market à la MicroStrategy.

In a Sept. 16 “Bitcoin Treasury Strategy Memo,” Cathedra explained its new plan will see “all capital allocation decisions” now geared toward maximizing the firm’s Bitcoin reserves on a per share basis — the “most important” metric for many of its largest shareholders.

“This represents the formalization of a policy we have always held loosely in our minds but have not always allowed to guide our decisions in a disciplined way.”

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Bitfarms accelerates 2.2 EH/s hosting agreement with Stronghold

September 14, 2024 Coin Telegraph

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According to Bitfarms, the mining hardware was originally scheduled to be deployed in Yguazu, Paraguay sometime in December 2024.

Mining company Bitfarms recently announced it entered into a hosting agreement with Stronghold Digital Mining to bring an additional 2.2 exhashes per second (EH/s) of computing power online during October 2024—two months ahead of schedule.

The agreement will add 10,000 Bitmain T21 miners to Bitfarms' Panther Creek facility in Pennsylvania and commence on October 1, 2024.

Ben Gagnon, CEO of Bitfarms, touched on the expansive potential of the company's sites in Pennsylvania and said the sites would be key to diversifying the company's business operations. Gagnon explained that the sites:

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Cleanspark Expands Bitcoin Mining Operations by Acquiring 7 Tennessee Facilities

September 12, 2024 Bitcoin.com

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Cleanspark Inc. has unveiled plans to acquire seven bitcoin mining facilities in Knoxville, Tennessee. The $27.5 million deal is expected to boost the company’s current mining capacity by 5 exahash per second (EH/s) by 2024, representing a 22% increase in its operational hashrate. Cleanspark to Acquire 7 Bitcoin Mining Facilities in $27.5M Deal, Boosting Hashrate […]

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Russian Bitcoin Miners Mine Over $3,000,000,000 Worth of BTC in 2023, According to Industry Insiders: Report

September 10, 2024 The Daily Hodl

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Bitcoin (BTC) miners based in Russia reportedly mined billions of dollars worth of the top crypto asset by market cap last year. According to a new Izvestia report, Sergey Bezdelov, the director of the Russian Industrial Mining Association, said at this month’s Eastern Economic Forum that 54,000 Bitcoin worth over $3 billion were mined within […]

The post Russian Bitcoin Miners Mine Over $3,000,000,000 Worth of BTC in 2023, According to Industry Insiders: Report appeared first on The Daily Hodl.

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Bitcoin’s Hashrate Reaches 692 EH/s, Nearing 700 EH/s Milestone

September 9, 2024 Bitcoin.com

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After breaking the July 25, 2024 record on Saturday, Sept. 7, Bitcoin’s hashrate has kept climbing, now reaching an impressive 692.28 exahash per second (EH/s) on Sept. 8, which is more than 13 EH/s above the previous level. Bitcoin Smashes Another Hashrate Record, Climbing 66 EH/s in a Week On Sunday, Sept. 8, 2024, Bitcoin’s […]

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Fractal Bitcoin: good or bad for mining revenues?

September 5, 2024 Coin Telegraph

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August 2024 represented the worst month for Bitcoin mining revenue since September 2023, with $827.56 million in fees generated.

Fractal Bitcoin—a sidechain scaling solution for Bitcoin (BTC) that uses the Bitcoin core code—could potentially provide miners with an additional source of revenue. Conversely, fractal Bitcoin could end up slashing mining revenues.

According to TheMinerMag, Fractal Bitcoin is merge-mined alongside Bitcoin—meaning that the same mining hardware can simultaneously mine Bitcoin and Fractal Bitcoin. This could be an attractive and much-needed avenue for Bitcoin miners to bolster profits in the post-halving environment, without having to retool facilities for AI or high-performance computing.

However, the knife cuts both ways. Because Fractal Bitcoin supports the BRC-20 token standard and promises to be a faster, cheaper scaling solution for the Bitcoin base layer, this could reduce network fees created by demand for non-fungible tokens on the Bitcoin network, which translates to a reduction of miner profits.

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Bitcoin Miner Iris Energy Increases Mining Output by 10%

September 5, 2024 Bitcoin.com

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Iris Energy has reported a 10% increase in bitcoin production during August 2024, with the company mining 245 bitcoin. The improvement is attributed to higher operational efficiency and reduced electricity costs following the company’s transition to spot pricing. Iris Energy’s Bitcoin Mining Efficiency Leads to Output Growth In its August 2024 investor update, Iris Energy […]

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Converting mining sites to AI data centers isn’t seamless: Sabre56 CEO

September 4, 2024 Coin Telegraph

According to CEO Phil Harvey, Bitcoin miners will average roughly $1.50 in revenue per terahash every month during the current market cycle.

As Bitcoin mining companies attempt to diversify operations into data centers to bolster revenue, the headlines have been dominated by this purported shift to high-performance computing. Phil Harvey—CEO of blockchain data center consulting firm Sabre56—sat down with Cointelegraph to explain why these headlines are unrealistic.

Harvey stressed that running an AI or high-performance data center is substantially more expensive than running a crypto mining facility. The CEO said a typical commercial mining operation costs between $300,000 and 350,000 per megawatt to run. In contrast, AI data centers cost between $3 million and $5 million per megawatt to run—a 10-15x increase.

According to the CEO, a mining operation with a gigawatt of available power will only be able to convert a maximum of roughly 200 megawatts of power for high-performance computing needs. The CEO told Cointelegraph:

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Academic Paper Demonstrates Bitcoin Mining’s Potential to Mitigate Methane Emissions

September 3, 2024 Bitcoin.com

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Researchers Murray A. Rudd, Matthew Jones, Daniel Sechrest, Daniel Batten, and Dennis Porter have unveiled a new study showcasing a cutting-edge framework that fuses landfill gas-to-energy (LFGTE) systems with bitcoin mining. This innovative strategy is designed not only to combat methane emissions but also to unlock new economic opportunities. Study Merges Landfill Gas-to-Energy Systems With […]

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